Amur Minerals share price ‘unlikely to drop below 6p’, says Zak Mir

Leading technical analyst Zak Mir reckons the Amur Minerals Corporation (LON:AMC) share price is unlikely to drop below 6p and expects it to head towards 10p over the coming weeks.

“It’s interesting from a technical perspective in that we’ve had a rebound last week off the 200-day moving average at 6.28p,” explains Mir in the latest Proactive Investors Bulletin Board.

“That’s a decent technical signal and underlines the idea that there’s a rising trend channel and that it’s unlikely shares will fall much below the 6p.

As for what the future holds, Mir adds: “While we’re above the 200-day moving line we’re looking for at least a partial retest of the former 50-day moving average area at 10.65p over the next one to two months.”

Amur Minerals Corporation (AMC) is nickel copper sulphide mineral exploration company focused on the far east of Russia. The company's principal asset is the Kun-Manie sulphide nickel, copper project located in Amur Oblast. Drill defined resources have been identified within five deposits wholly contained within a 36 square kilometre production licence. Engineering work confirms that the mineralisation contains economically recoverable grades that can be mined by both open pit and underground operations, the ore can be processed by classic flotation with the concentrate being suitable for follow on processing and refining. As a late stage exploration project with detailed engineering work being undertake, Kun-Manie represents one of the largest potential sulphide nickel operations in the world which could place it among the top ten nickel producing companies on an annual basis.